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Insurer Sompo to leverage Israeli insurtech Planck’s tech capabilities

Sompo Planck-IFM-image
The collaboration will help Sompo improve quote to submission time and increase accuracy

Japan-based insurance company Sompo has entered a collaboration with Israel-based insurtech firm Planck, media reports said. The collaboration will help Sompo, which is the second-biggest insurer in Japan, to improve quote to submission time and increase accuracy.

Planck is expected to help Sompo automate commercial insurance underwriting for its mega customer base which stands around 30 million.

Planck chief executive and co-founder, Elad Tsur told the media, “Integrating Planck’s technology within Sompo’s underwriting procedure represents our company’s first foothold and entry into the Japanese market.

“We are excited to collaborate with Sompo’s digital lab in Israel to positively impact the economics of their business, providing automation they must adopt to stay competitive given the commercial insurance industry’s continual and, rapidly increasing, complexities.”

Yinnon Dolev, Head of Sompo Digital Lab said that Planck’s platform will improve the commercial insurance customer experience and increase the accuracy level of Sompo’s underwriting capabilities.

Eight of the world’s leading and top insurance giants have formed an alliance to fast track the transition to a net-zero emissions economy. The Net-Zero Insurance Alliance (NZIA), announced at the G20 Climate Summit in Venice, would work to shift underwriting portfolios towards net-zero greenhouse gas emissions by 2050.

The alliance consists of European Insurance giants such as Allianz, AXA and Generali among others. It also includes Aviva, Munich Re, SCOR, Swiss Re and Zurich Insurance Group.

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